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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
HEALTHCARE
- Stryker are hosting investor calls for a dual tranche 8yr & 12yr Euro plus $BMK transaction
- A few points to note from the roadshow:
- SYK has conducted 50 acquisitions since 2011 but the vast majority are small add-ons.
- Recent deals for Vocera $3.1bn and Wright Medical $5.4bn are mentioned by name but in the context of a $137bn market cap company are small
- SYK has suspended all share buybacks since 2019 – even to compensate for dilution of stock options. This is quite a statement about preservation of capital.
- Moody’s placed its rating on Positive outlook in March. They want to see leverage below 2.75x consistently for an upgraded. SYK are at 2.7x gross currently; we can expect them to return to single A before too long.
- 6.8% of sales are reinvested in R&D. This allows a consistent growth of the business.
- SYK trades at the tighter end of the Medical Devices sector: this is justified.
Source: MNI, Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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